Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
NCLAT dismissed the appeal of the Personal Guarantor (PG), affirming the validity of notice service under the Guarantee Deed. The Tribunal held that notices were properly sent to the last known address, and the Resolution Professional complied with Sections 95 and 99 of the IBC. The Appellant failed to dispute the underlying debt or demonstrate procedural non-compliance. The Tribunal emphasized that simultaneous insolvency proceedings against the borrower and guarantor are legally permissible, and the PG remains liable for repayment despite the ongoing Corporate Insolvency Resolution Process of the primary borrower.
NCLAT dismissed the appeal of the Personal Guarantor (PG), affirming the validity of notice service under the Guarantee Deed. The Tribunal held that notices were properly sent to the last known address, and the Resolution Professional complied with Sections 95 and 99 of the IBC. The Appellant failed to dispute the underlying debt or demonstrate procedural non-compliance. The Tribunal emphasized that simultaneous insolvency proceedings against the borrower and guarantor are legally permissible, and the PG remains liable for repayment despite the ongoing Corporate Insolvency Resolution Process of the primary borrower.
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